Type : Bullish Rise
Resistance : 138.78
Pivot: 137.22
Support : 136.44
Preferred Case: On the H4, with prices moving above the ichimoku cloud and within the ascending channel, we have a bullish bias that price will rise from the pivot at 137.22 in line with the pullback support and 61.8% fibonacci projection to the 1st resistance at 138.78 where the swing high resistance is.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 136.44 in line with the pullback support, 50% fibonacci retracement and 100% fibonacci projection.
Fundamentals: Due to the dovish overall sentiment of yen, we have a bearish view of the USDJPY. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Resistance : 138.78
Pivot: 137.22
Support : 136.44
Preferred Case: On the H4, with prices moving above the ichimoku cloud and within the ascending channel, we have a bullish bias that price will rise from the pivot at 137.22 in line with the pullback support and 61.8% fibonacci projection to the 1st resistance at 138.78 where the swing high resistance is.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 136.44 in line with the pullback support, 50% fibonacci retracement and 100% fibonacci projection.
Fundamentals: Due to the dovish overall sentiment of yen, we have a bearish view of the USDJPY. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.